Northern Oil and Gas closes on eight Ground Game transactions during Q3

The Company closed on eight Ground Game transactions during the third quarter of 2023, concentrated in the Permian Basin. The transactions are expected to add 5.7 net in-process and future drilling locations and approximately 514 net acres…NOG also experienced accelerated well proposal activity in the third quarter, driven by improved commodity prices. Gross consents were up over 35% sequentially in the third quarter compared to the second quarter, and up over 15% in the first nine months of 2023 compared to the same period of 2022. The Company turned in-line an estimated 22.6 net wells during the third quarter compared to 13.8 net wells in the second quarter, a 64% sequential increase. ..Higher capital expenditures in the third quarter were in part driven by both atypically higher completion status for the WIPs combined with the D&C list increasing by over 9% during the quarter. Ground Game success and the increase in development activity are expected to result in capital expenditures in the range of $215 to $218M for the third quarter, excluding non-budgeted acquisitions and other, lower than the second quarter, but higher than previously expected. The increased capital spending in the third quarter, both organic and Ground Game, was primarily focused on 2024 turn-in-line activity.